Exxon Mobil is now being investigated by both attorney generals of the U.S Virgin Islands and Massachusetts. The investigation is based on the allegations that the company deceived the public and its shareholders about the effect of climate change.
During a New York conference, about two dozens of state attorney generals have come together to create a coalition that will look into the legal aspects of fighting global warming. They will be doing a series of lawsuits and financial and consumer probes as per Salon.
Joining the attorney generals is former Vice President Al Gore who compared the movement with the battle against the tobacco Industry decades ago. New York's attorney general, Eric Schneiderman, said he has already heard what the scientists said and he already knows what's happening to the planet making the issue a no dispute.
As reported by Fortune, the Massachusetts and Virgin Island attorney generals didn't go into details on how they will legally approach the investigation. They said, however, that consumer protection laws and blue sky securities will be some of their options.
Documents from the company during the late 1970's have shown its awareness about global warming and its effect on the existence of the company itself. The documents also showed that the company's scientist knew that burning fossil fuel would warm the planet and would create devastating consequences.
However, according to the Denver Post, Exxon's vice president for public and government affairs, Suzanne McCarron, said the allegations against them are baseless and are politically motivated. The company reiterated that they already recognize the risk of climate change and any withheld information about the issue is just preposterous and based on a false premise.
On the other hand, investors are also targeting Exxon now over this particular issue. Its annual shareholders report must now include its resolution regarding climate change as requested by the Securities and Exchange Commission.
